Christopher Cipoletti has
been fired as executive director of the American Numismatic
Association Tuesday October
16, 2007 9:16 PM
Christopher Cipoletti has
been fired as executive director and legal counsel of the
Colorado Springs-based American Numismatic Association, the
nations largest coin collector organization, effective
5 p.m. today.
The associations nine-member board of
governors voted to terminate with cause Cipolettis
employment in a closed executive session Monday evening and
announced the decision today during a public meeting broadcast
to the organizations 35 staff members.
Because its an employment issue,
we dont give specifics, but we felt theres adequate
cause to fire him, Barry Stuppler, president of the
board, said in an interview after the meeting.
Cipoletti, 46, did not return a call to his
Colorado Springs home today. Cipoletti, a lawyer who specializes
in employment law, had been executive director since January
2003 and also served as the organizations legal counsel.
The move by the board, voted in by the organizations
32,000 members a few months ago, caps years of turmoil for
the association, which was federally chartered by Congress
in 1891 as an educational, historical and scientific nonprofit
organization. Questions about finances, claims of secrecy,
staff turnover and a pending lawsuit have plagued the organization.
It may be fall outside, but to us its
bright spring this board and staff are paving the way
for the association to move up and beyond where its
been, said Ed Rochette after today's announcements.
Rochette served as association executive director before Cipolettis
term and is now a board member. The local money museum is
named after him.
An arbitrator will help settle Cipolettis
employment contract with the association, which runs through
Dec. 31, 2008, with an option for a five-year renewal, Stuppler
said. The organizations projected $800,000 operating
budget deficit for this fiscal year could be affected by the
outcome of the arbitration, he said.
Cipoletti gave a presentation of an undisclosed
nature to the board for more than an hour during a working
dinner Monday, Stuppler said.
After his presentation, we decided to
terminate him, Stuppler said.
A committee will set directives for hiring
a new executive director, Stuppler said. Former association
president Kenneth Hallenbeck of Colorado Springs is acting
executive director.
Members have every reason to be optimistic
about the future, given the current board and leadership of
the ANA, said Sam Deep, a 27-year member of the organization
from Pittsburgh, who attended Tuesdays meeting here.
Cipolettis removal also prompted the
board to nullify a $1 million donation pledge the largest
financial pledge in the organizations history
from a member that Stuppler said was contingent on the organization
maintaining the same management and granting naming rights
to two proposed money museums.
Cipoletti has been on administrative leave
since Aug. 12, the first official action of the new board.
Stuppler said Cipoletti was placed on leave to give him time
to concentrate on a civil lawsuit he and the American Numismatic
Association filed more than two years ago against three former
employees and an independent computer contractor and his company.
The lawsuit alleges civil theft of proprietary business information,
harassment against Cipoletti, civil conspiracy, breach of
fiduciary duty and other complaints.
Cipolettis change of employment status
in August prompted the associations lawyer handling
the case to resign, and a new attorney, Lance Sears of Sears
& Swanson PC in Colorado Springs, has been retained to
represent the co-plaintiffs, Stuppler said.
The ANA has hired an attorney to look
into the ANAs position in the lawsuit, he said.
This month, a jury trial in 4th Judicial District
Court was rescheduled for the fourth time to Aug. 18, 2008.
The four defendants have filed a motion for partial summary
judgment, which has not been ruled on.
The association has paid about $400,000 in
legal fees on the case, Stuppler said.
Board members also in August raised questions
about the organizations operating budget deficit, which
for the past five years under Cipolettis leadership
has ranged annually from $266,000 to more than $1 million.
The board hired an independent certified public
accounting firm to determine whether an audit is needed. Stuppler
said Tuesday that the board had not received the report.
Based on the financial picture, the board
Monday agreed to withdraw $925,000 from its endowment fund
of approximately $21 million to pay off a bank line of credit.
We felt it was not acceptable to have
that credit line, Stuppler said.
Board members also voted Monday to scrap plans
to build a money museum inside the historic San Francisco
Mint, and decided in a board conference call Oct. 2 to cancel
plans to build a $20 million museum in Washington, D.C., saying
it could not handle such a financial commitment. Stuppler
said plans to expand the Edward C. Rochette Money Museum in
Colorado Springs are on hold.
Stuppler pledged an open, transparent atmosphere
for the board, staff and members.
We have a new management change, a new
structure and a new culture, he said. In the past,
there hasnt been an open line of communication, and
were trying to remedy that.
Cipolettis annual salary, benefits and
expense account totaled more than $250,000.
Attorney Ron Sirna of Michigan replaces Cipoletti
as general counsel.
American Numismatic
Association Tuesday October 16, 2007 9:16 PM